Assetmark Inc. Acquires 100,756 Shares of Enbridge Inc $ENB

Assetmark Inc. raised its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 14.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 794,748 shares of the pipeline company’s stock after acquiring an additional 100,756 shares during the period. Assetmark Inc.’s holdings in Enbridge were worth $43,028,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Enbridge in the 4th quarter worth approximately $1,195,559,000. Auto Owners Insurance Co grew its position in Enbridge by 4,683.0% in the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after acquiring an additional 8,387,721 shares in the last quarter. Alberta Investment Management Corp bought a new position in Enbridge in the fourth quarter valued at $132,705,000. Vanguard Group Inc. raised its position in Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in Enbridge by 43.7% during the third quarter. Raymond James Financial Inc. now owns 6,633,703 shares of the pipeline company’s stock valued at $334,737,000 after purchasing an additional 2,016,674 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ENB has been the subject of a number of research reports. Royal Bank Of Canada upped their price objective on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Price Performance

ENB stock opened at $56.68 on Friday. The stock has a market capitalization of $123.79 billion, a price-to-earnings ratio of 26.61 and a beta of 0.58. The firm’s 50-day moving average price is $55.64 and its two-hundred day moving average price is $52.96. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12-month low of $44.53 and a 12-month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period in the prior year, the business posted $1.03 earnings per share. As a group, equities analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date was Friday, May 15th. Enbridge’s dividend payout ratio is currently 133.80%.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.